North Korea's notorious hackers are back at it, and this time they've turned their sights on cryptocurrency. A UN report reveals a staggering $147.5 million heist, with the stolen funds funneled through a shadowy service called Tornado Cash.

Million Dollar Laundry Day

According to the UN, North Korea has been busy over the past seven years, launching a staggering 97 cyberattacks on cryptocurrency firms, netting an estimated $3.6 billion. This year alone, they're suspected of 11 separate thefts totaling $54.7 million. One particularly audacious attack involved stealing $147.5 million from the HTX exchange last year, which was then laundered through Tornado Cash in March. Talk about a bad day at the crypto office!

Tornado Cash: The Mixer of Choice for Rogues

So how did North Korea clean their ill-gotten gains? Enter Tornado Cash, a cryptocurrency mixing service that operates on the Ethereum blockchain. Think of it as a digital laundromat, where dirty crypto goes in and (supposedly) clean crypto comes out. The problem? Tornado Cash doesn't discriminate between good guys and bad guys, making it a prime target for criminals.

Tornado Cash in Hot Water

The US government wasn't having any of it. They blacklisted Tornado Cash in August 2022, accusing it of facilitating the laundering of billions in stolen crypto. The service's developer, Alexey Pertsev, wasn't so lucky either. He was arrested in the Netherlands and recently convicted of money laundering. Looks like his days of running a virtual laundromat are over.

What Now?

This incident highlights the growing risk of cyberattacks in the cryptocurrency space. While some argue that mixing services offer privacy benefits, their potential for misuse is undeniable. Expect governments and regulators to continue cracking down on such services in an effort to protect investors and combat cybercrime.